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General News 12/19/2015 at 4:30 PM EST H3'ed 12/19/15

Former drug executive Martin Shkreli calls fraud allegations "baseless"

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Martin Shkreli

Martin Shkreli
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Martin Shkreli, who is charged with securities fraud and conspiracy, having been arrested on Thursday, used Twitter on Saturday to say: “I am confident I will prevail. The allegations against me are baseless and without merit.” The 32-year-old former hedge fund manager pleaded not guilty on Thursday in Brooklyn federal court and was released on $5m bail. After he was released, he tweeted: “Glad to be home. Thanks for the support.” On Friday, he resigned from his company, Turing Pharmaceuticals. Prosecutors say that from 2009 to 2014, Shkreli lost some of his hedge fund investors’ money through bad trades, then looted a pharmaceutical company where he was chief executive for $11m to pay back his disgruntled clients.

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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.

Related Topic(s): Drug Companies- Marketing; Fraud; Martin Shkreli, Add Tags

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